Start-ups are the seeds of future business of any economy. An industrialized economy thrives upon its existing big organizations and profit making industries which have grown in size and reputation with time, starting themselves from a fledgling businesses or start-ups in the past. All such organizations, big or small, have a lifetime. Hence it is very important to encourage and nurture the new businesses of today, so that it can grow and take part in the economic development of a nation in future.

Maharashtra as a State recognizes this potential and hence is taking an active role in identifying, recognizing and facilitating the new ventures of its state by instituting the Magnetic Maharashtra Start-up awards .

The Magnetic Maharashtra Start-up Awards will be an unique platform to scout and promote State level start-ups. This activity will not only give recognition to the young entrepreneurs but also help in accelerate the economic activity in the State. Primarily the students and the youth of the State will be motivated to take entrepreneurship as an alternate career path. Also, the creation of new start-ups and scaling up of existing ones will create jobs and employment for the people in the State, and improve the level of knowledge and creativity among masses. Overall the award will help in building a robust and sustainable start-up ecosystem in the State.